The Federal Government has concluded plans to conduct forensic audit of the Nigerian National Petroleum Company (NNPC) Limited.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun during the Nigerian Investor Forum, held on the sidelines of the ongoing International Monetary Fund (IMF) and World Bank spring meetings in Washington DC, United States.
In his address to a group of investors drawn from renowned global financial institutions, including J.P. Morgan, the minister outlined critical reforms the Federal Government has embarked on to reset the economy and restore confidence.
The Minister also highlighted the recent Nigerian National Petroleum company Limited (NNPCL) shake-up as part of the government’s efforts to reposition the oil company for optimal performance, particularly boosting oil production.
On the arrears being claimed by the NNPCL, the minister responded that a reconciliation process is ongoing.
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Edun said, “There’s a forensic audit of NNPCL underway so that we can really understand what has happened in the past. As for now, there’s a reconciliation exercise going on.
“Because the truth is, as we all know, the removal of the fuel subsidy was announced on May 29, 2023, but it took time to achieve.
“Part of that burden shifted from the government’s budget to NNPCL. So, they have a legitimate claim and they have some arrears that need to be given to them.
But then it’s a two-sided thing. There’s a reconciliation on underway. And the most important thing is that NNPCL needs to come to the table with more oil production, more dollar revenue, and indeed, more revenue to the Federation. That’s the mandate they have been given and I think they will deliver.”
The Minister’s comment came amid renewed calls for a thorough audit of NNPCL’s operations under Mele Kyari, the former Group Chief Executive Officer as stakeholders have long been concerned about the its operations, accusing the company of executing oil-backed deals shrouded in secrecy.
President Bola Tinubu made changes to the board of NNPC on April 2, 2025, and appointed Bayo Ojulari, NNPCL’s Group Chief Executive Officer, to replace Mr. Kyari, while Ahmadu Musa Kida was named NNPCL’s non-executive Chairman, replacing Pius Akinyelure.
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